{"id":26107,"date":"2023-04-27T11:44:08","date_gmt":"2023-04-27T11:44:08","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/indonesias-goto-reports-narrower\/"},"modified":"2023-04-27T11:49:01","modified_gmt":"2023-04-27T11:49:01","slug":"indonesias-goto-reports-narrower","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/indonesias-goto-reports-narrower\/","title":{"rendered":"Indonesia’s GoTo reports narrower Q1 loss, expects core profit in Q4"},"content":{"rendered":"

JAKARTA (Reuters) – Indonesia’s biggest tech company PT GoTo Gojek Tokopedia Tbk reported a narrower quarterly loss on Thursday and said it expected to swing to a core profit in the fourth quarter, as revenue grew and cost cutting moves bore fruit.<\/p>\n

Like many other tech companies, GoTo has been reducing its spending and laying off staff this year to ride out the global economic uncertainty. <\/p>\n

Group CEO Andre Soelistyo said in a statement the company was halfway towards becoming adjusted EBITDA positive in the fourth quarter.<\/p>\n

Adjusted EBITDA, or earnings before interest, tax, depreciation and amortisation, improved by 67% in the first quarter from a year earlier, on a 14% rise in gross revenue to 6 trillion rupiah. <\/p>\n

“Our focus on high-quality, profitable consumers along with a disciplined approach to costs has significantly increased our efficiency,” he said.<\/p>\n

GoTo, backed by Japanese investment group SoftBank Group Corp, expects its 2023 adjusted EBITDA loss to be in a range of 5.3 trillion rupiah to 4.6 trillion rupiah ($360.5 million-$312.9 million) after a series of cost cutting measures that include the layoff of more than 1,300 workers since last year. <\/p>\n

“A lower cost base will provide us with additional flexibility to allocate capital for the acceleration of growth in the future,” GoTo Group CFO Jacky Lo said.<\/p>\n

GoTo posted a net loss of 3.9 trillion rupiah in the first three months of 2023, versus a loss of 6.6 trillion rupiah a year earlier.<\/p>\n

GoTo shares closed up 4.21% at 99 rupiah per share on Thursday before the earnings announcement.<\/p>\n

($1 = 14,700.0000 rupiah)<\/p>\n

\n

(Reporting by Stefanno Sulaiman; Editing by Kirsten Donovan)<\/p>\n

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JAKARTA (Reuters) – Indonesia’s biggest tech company PT GoTo Gojek Tokopedia Tbk reported a narrower quarterly loss on Thursday and said it expected to swing to a core profit in the fourth quarter, as revenue grew and cost cutting moves bore fruit. Like many other tech companies, GoTo has been reducing its spending and laying […]<\/p>\n","protected":false},"author":8,"featured_media":26108,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1220],"tags":[],"class_list":["post-26107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-technology"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3Q0IE-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26107"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26107\/revisions"}],"predecessor-version":[{"id":26109,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26107\/revisions\/26109"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26108"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26107"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}